South Korea plans to allocate low-interest loans and additional support totaling 8.8 trillion won ($6.45 billion) for the semiconductor sector by next year, aiming to enhance the competitiveness of this vital industry, as announced recently by the finance ministry.Â
As reported by Yonhap News Agency, this initiative is part of the implementation strategy for a comprehensive support package valued at 26 trillion won, which President Yoon Suk Yeol revealed in June to bolster the country’s key industry in light of increasing global competition.
Read more: South Korea’s ICT exports surge 32.8 percent to $19.4 billion on AI and mobile phones
According to the country’s Ministry of Economy and Finance, the government will provide 4.7 trillion won by 2025 through low-interest loans for semiconductor manufacturers, along with funding programs aimed at supporting fabless firms and companies involved in chip materials, thereby strengthening the overall industry ecosystem.
Additionally, the government will allocate 1.7 trillion won in next year’s budget to support extensive research and development projects focused on securing advanced technologies in areas such as chip clouding and packaging, as well as to implement programs for talent development.
Furthermore, about 2.4 trillion won will be dedicated to infrastructure development for the planned semiconductor cluster in Yongin, Gyeonggi Province.
For more news on banking & finance, click here.
